Shanghai Nonferrous Metals News
SMM: Macika Indonesia’s 1 mln WMT nickel laterite export quotas will expire by end-March 2019. With all previous quotas consumed new quotas are in negotiation. Indonesian Antam’s 2.7 mln WMT quota will expire by end-March 2019, and 5.2 mln WMT of new quotas are expected to be granted in April 2019. In addition, Indonesian Harita has resumed exports following new quotas granted in mid-February, with monthly exports ramping up to approximately 500 kt WMT. In the Philippines, nickel laterite exports from the Surigo area will resume from mid-late March.
In the short-term, tightening nickel laterite supply is likely to shore up prices; but the global nickel laterite supply surplus will continue over 2019 and prices are expected to decline after the Philippines resume exports in late March 2019.